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The differences between junior loan officers and senior loan officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a junior loan officer and a senior loan officer. Additionally, a junior loan officer has an average salary of $39,006, which is higher than the $37,162 average annual salary of a senior loan officer.
The top three skills for a junior loan officer include loan applications, origination and inbound calls. The most important skills for a senior loan officer are customer service, loan applications, and origination.
| Junior Loan Officer | Senior Loan Officer | |
| Yearly salary | $39,006 | $37,162 |
| Hourly rate | $18.75 | $17.87 |
| Growth rate | 4% | 4% |
| Number of jobs | 72,136 | 65,807 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A junior loan officer assists a mortgage loan officer in processing and closing residential mortgage applications. This includes consulting with the loan applicant about their financial backgrounds to determine whether they can pay a home mortgage. They provide information on various loan offers and mortgage programs that applicants may choose from. They discuss policies and coordinate with senior mortgage officers about the concerns of clients.
A senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
Junior loan officers and senior loan officers have different pay scales, as shown below.
| Junior Loan Officer | Senior Loan Officer | |
| Average salary | $39,006 | $37,162 |
| Salary range | Between $28,000 And $53,000 | Between $29,000 And $46,000 |
| Highest paying City | New York, NY | Miami, FL |
| Highest paying state | New York | Hawaii |
| Best paying company | Carnival Cruise Line | Salal Credit Union |
| Best paying industry | Professional | Finance |
There are a few differences between a junior loan officer and a senior loan officer in terms of educational background:
| Junior Loan Officer | Senior Loan Officer | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior loan officers' and senior loan officers' demographics:
| Junior Loan Officer | Senior Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 58.9% Female, 41.1% | Male, 69.4% Female, 30.6% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |